Brokers have seen a significant boost in market share in the September quarter as buyers hurry to take advantage of low interest rates says an article on Australian Broker Online.
According to the MFAA’s latest figures, mortgage brokers wrote 46% of all home loans in the three months to the end of September – a total of $32bn. This compares to about 40 per cent 18 months ago and a low of 38 per cent during the global financial crisis. “And the boom is unlikely to slow down any time soon”, MFAA CEO Phil Naylor said.
September also saw the total number of approved home loans rise by 4.4%, the largest gain in six months. In support of this, data released by the Reserve Bank of Australia (RBA) shows private sector housing credit increased by 5.0 per cent over the year to October 2013 which is the highest annual rate of growth since June 2012. Additionally, housing credit for investment housing (6.4% pa) is also expanding at a much faster pace than owner occupier finance (4.3% pa).
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Source: Australian Broker Online.